Markets

MidEast Shares Mixed, Egypt Hit by Round of Profit-Taking

MidEast shares were mixed, with Egypt suffering from a bout of profit-taking after a recent rally.

Ezz Steel also reported a net loss of 19 million Egyptian pounds ($2.7 million) in the three months to March 31, down from a profit of 202 million pounds a year earlier.

Qatar, though, rose to an 11-week high but volumes were thin, Qatar National Bank and Industries Qatar - the largest listed companies by market value - and Qatar Islamic Bank climbed. MSCI will raise the weighting of these three stocks on its emerging market index at the end of this month.

Saudi Arabia hit a 6.5-year high.

Egypt's main index declined 1.4% to 9,316 points, Kuwait firmed 0.02% to 7,267 points, Qatar added 1.7% to 13,645 points, Abu Dhabi added 0.7% to 5,052 points, Dubai edged up 0.7% to 4,826 points, Saudi Arabia inched up 0.1% to 10,650 points, Oman eased 0.05% to 7,332 points and Bahrain slipped 0.3% to 1,472 points.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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